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Jan 31, 2013
01/13
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and what would happen if we don't raise the debt ceiling right away? well, if we don't, we would have to have a 25% cut in all government spending, and that's -- that's pretty massive. that's pretty problematic. now, the administration and some actually go way overboard in the threats that they attach to this. they threaten to inflict the maximum possible economic damage if the debt ceiling isn't raised promptly upon the point at which they run out of their maneuvering room. so you hear threats about default on our debt and senior citizens won't get their social security check and our military folks won't get paid, all kinds of the most disruptive, most damaging and most dangerous kinds of outcomes are threatened by the administration. now, this is unnecessary, this isn't true, this isn't what would happen, but there is an incentive, of course, to try to scare and intimidate republicans into giving the administration the unconditional ability to just keep on borrowing and spending as they have been doing, and that's why we hear this. well, what my amen
and what would happen if we don't raise the debt ceiling right away? well, if we don't, we would have to have a 25% cut in all government spending, and that's -- that's pretty massive. that's pretty problematic. now, the administration and some actually go way overboard in the threats that they attach to this. they threaten to inflict the maximum possible economic damage if the debt ceiling isn't raised promptly upon the point at which they run out of their maneuvering room. so you hear threats...
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Jan 31, 2013
01/13
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WBAL
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. >>> and this afternoon, the senate decides whether to raise the debt ceiling for the next few months. in the bill, an interesting provision that would hold the senators' pay if they failed by february 15th. >> the midwest is trying to dig out. what else you got? and there's more. >> wait till you see the windchills in north dakota this morning. ugly. let's start with the bad weather. over 500 reports of severe weather over the last 48 hours. now the high winds and maybe even a quick rumble of thunder is trying to roll through new jersey and head up into new england. the storms are flying, that's the good news. baltimore, maryland, washington, d.c., you're done with the heavier rains. you'll see the line through new jersey, it's heading right over top of new york city and up into connecticut and the hudson valley. this is that enhanced line here as it moves to the north. and this is just a huge system, and we're going to continue to see the winds cranking for the next 24 to 48 hours over the eastern seaboard. winds are pretty light, but boston, wind gusts of 49, hartford, 41. the wind
. >>> and this afternoon, the senate decides whether to raise the debt ceiling for the next few months. in the bill, an interesting provision that would hold the senators' pay if they failed by february 15th. >> the midwest is trying to dig out. what else you got? and there's more. >> wait till you see the windchills in north dakota this morning. ugly. let's start with the bad weather. over 500 reports of severe weather over the last 48 hours. now the high winds and maybe...
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Jan 31, 2013
01/13
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rich: the senate has voted to raise the debt ceiling through may 18. this also has a provision that says in the senate doesn't pass a budget, the senators don't get paid, house lawmakers don't get paid after april 15. they don't get paid until the end of congress and are made whole at the end of the congress in 2014. the bill goes to the president's desk raising the debt ceiling so treasury can extend that sometime to july or august. david: a quick question in terms of defense, we will be talking about how defense cutbacks are hurting individual jobs in individual sectors and does this affect defense spending directly? >> this moves the debt ceiling fight the back. now march 1, automatic spending cuts and defense and other programs begin to hit and government spending on march 27. next up, defense spending will be a topic of conversation in d.c. and congress. david: rich edson, thank you from d.c. liz: the chief strategist in the pits of the cme. right now i would love to sit here and talk about the trading action for today. the last day of january, it
rich: the senate has voted to raise the debt ceiling through may 18. this also has a provision that says in the senate doesn't pass a budget, the senators don't get paid, house lawmakers don't get paid after april 15. they don't get paid until the end of congress and are made whole at the end of the congress in 2014. the bill goes to the president's desk raising the debt ceiling so treasury can extend that sometime to july or august. david: a quick question in terms of defense, we will be...
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Jan 31, 2013
01/13
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. >> obviously democrats would prefer a longer suspension of he debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility that the u.s. could default its obligations every few months is not an ideal way to run government but a short term solution is better than another imminent manufactured crisis. >> holman: the house already passed the bill. without it, the government would default on its obligations as early as mid-february. in economic news, americans' personal income grew in december, by the most in eight years. but first-time claims for jobless benefits were up last week. and on wall street today, the dow jones industrial average lost nearly 50 points to close at 13,860. the nasdaq fell a fraction of a point to close at 3,142. blinding snowfall and a slick freeway triggered a mile-long series of crashes in detroit today. at least three people were killed and 20 more injured. the pileups left a section of interstate 75 littered with wrecked cars and big-rig trucks. the tangle involved some 30
. >> obviously democrats would prefer a longer suspension of he debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility that the u.s. could default its obligations every few months is not an ideal way to run government but a short term solution is better than another imminent manufactured crisis. >> holman: the house already passed the bill. without it, the government would default on...
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Jan 31, 2013
01/13
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WJZ
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. >> obviously democrats would prefer a longer suspension of he debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility that the u.s. could default its obligations every few months is not an ideal way to run government but a short term solution is better than another imminent manufactured crisis. >> holman: the house already passed the bill. without it, the government would default on its obligations as early as mid-february. in economic news, americans' personal income grew in december, by the most in eight years. but first-time claims for jobless benefits were up last week. and on wall street today, the dow jones industrial average lost nearly 50 points to close at 13,860. the nasdaq fell a fraction of a point to close at 3,142. blinding snowfall and a slick freeway triggered a mile-long series of crashes in detroit today. at least three people were killed and 20 more injured. the pileups left a section of interstate 75 littered with wrecked cars and big-rig trucks. the tangle involved some 30
. >> obviously democrats would prefer a longer suspension of he debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility that the u.s. could default its obligations every few months is not an ideal way to run government but a short term solution is better than another imminent manufactured crisis. >> holman: the house already passed the bill. without it, the government would default on...
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Jan 31, 2013
01/13
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nation's debt ceiling. we have more live from cnbc. good morning. >>> good morning, the senate is expected to vote today on a bill to suspend the debt ceiling or the u.s. borrowing limit for three months to allow more time for debate on the country's fiscal issues. the house passed a measure last week. the senate version includes several republican amendments including matching spending cuts for every dollar increase in the debt ceiling. but they're expected to go down in defeat. now the bill won't technically raise the debt ceiling but will spend it until may 19 when it will be raised by the amount the treasury borrows in the interim. meanwhile, a new report finds foreclosure activity rose in more than half of the biggest u.s. metro areas last year. but realty track says activity decreased from 2010 when foreclosures peaked in most markets. foreclosures dropped in 12 of the top 20 metro markets with the biggest declines in phoenix, san francisco, and detroit. the biggest increases were in tampa, miami, and
nation's debt ceiling. we have more live from cnbc. good morning. >>> good morning, the senate is expected to vote today on a bill to suspend the debt ceiling or the u.s. borrowing limit for three months to allow more time for debate on the country's fiscal issues. the house passed a measure last week. the senate version includes several republican amendments including matching spending cuts for every dollar increase in the debt ceiling. but they're expected to go down in defeat. now...
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Jan 31, 2013
01/13
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WBAL
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the senate will take up a bill to raise the debt ceiling. >> a tornado it is being blamed for a death in georgia. homes were destroyed, cars were tossed. thousands of people are without power in tennessee. three tornadoes touched down. >> now insta-weather plus and traffic pulse 11 together. >> it was a rough night in maryland. we had anywhere from 1-4 inches of rain. temperatures right now or in the 50's. a cold front is going through. following are steady temperatures for the rest of the day. there could be some leftover rain showers. it will be a lot colder this afternoon. seven-day forecast in a few minutes. >> we have a crash northbound on 95 at 32 in howard county. three left lanes are blocked. things are moving fine. we do not see any delays. some flooding from the heavy downpours overnight. york road, we have a closure. eastbound 50, we have a crash that is blocking the right lane. some debris blocking the right lane. 65 on the harrisburg expressway . traffic is moving find in both directions. that is the latest on traffic pulse 11. >> 52 degrees at the airport. >> 11 treat de
the senate will take up a bill to raise the debt ceiling. >> a tornado it is being blamed for a death in georgia. homes were destroyed, cars were tossed. thousands of people are without power in tennessee. three tornadoes touched down. >> now insta-weather plus and traffic pulse 11 together. >> it was a rough night in maryland. we had anywhere from 1-4 inches of rain. temperatures right now or in the 50's. a cold front is going through. following are steady temperatures for...
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Jan 31, 2013
01/13
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WBAL
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the debt ceiling. this measure expense the government's borrowing limit to may 19th. the national debt will be pushing the $17 trillion. in other words, it's really washington's version of kicking the can down the road. the president is expected to sign this bill immediately. >>> now to the economy and the financial markets. stocks fell a bit today with all three major indexes modestly lower. but for the month, the dow was up almost 6%, the best since january in '94. nasdaq gabd 4%, s&p just over 6. its best january since '97. what is the market surge trying to tell us when mixed in with some bad news out there, as well? and on the eve of another big jobs report? our report from nbc's tom costello. >> reporter: 25-year-old kory wilson can tell you, it's not easy looking for a job. she has applied for 200 since earning a masters degree in public relations last may of the. >> being a post graduate, either i'm overqualified or i'm underqualified. >> she is looking for work, but the economy seemingly poise
the debt ceiling. this measure expense the government's borrowing limit to may 19th. the national debt will be pushing the $17 trillion. in other words, it's really washington's version of kicking the can down the road. the president is expected to sign this bill immediately. >>> now to the economy and the financial markets. stocks fell a bit today with all three major indexes modestly lower. but for the month, the dow was up almost 6%, the best since january in '94. nasdaq gabd 4%,...
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Jan 31, 2013
01/13
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he raised taxes seven out of agt years, he was for amnesty for undocumented workers, he raised the debt ceiling. >> he didn't want certain weapons. he was against the use of certain weapons that they're now saying people need because they may run out of bullets. >> exactly. >> so if they don't love reagan, if reagan couldn't get through a gop primary, if reagan is to the left of the modern gop, then why don't you let us have him? obama wants to show love on him, respect im. so let us have him. >> but, patricia, ef ebb though reagan is to the left, they've made him their sill boll, like their political icon as reaganism that really, his policies have come to an end under president obama. let me give you an example of three inaugural addresses to show you the difference. july 17th, 1980, president reagan, then '81, president reagan and then president obama. and if you listen to these statements, you'll know the difference in policy and visions of government. >> government is never more dangerous than when our desire to have it help us blinds our great power to harm us. >> in this present
he raised taxes seven out of agt years, he was for amnesty for undocumented workers, he raised the debt ceiling. >> he didn't want certain weapons. he was against the use of certain weapons that they're now saying people need because they may run out of bullets. >> exactly. >> so if they don't love reagan, if reagan couldn't get through a gop primary, if reagan is to the left of the modern gop, then why don't you let us have him? obama wants to show love on him, respect im. so...
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Jan 31, 2013
01/13
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. >> what if lawmakers decide it was best to delay having to debate raising the debt ceiling? >> well, a decision by house republican leaders at their retreat about two weeks ago. they tried in 2011 to use the debt limit as a leverage point of force obama to swallow big spending cuts. it worked, but it was terribly damaging, but the the nation's economy and to their political capital. congressional plummeted to something like 9 percent. and they recognize that this was a bad idea. gambling with the faith and credit of the united states it turns out as a pretty bad idea. we were downgraded for the first time in the nation's history. they did not want to do that again. like us said, they did not want to vote for a bigger national debt either. that does not fit with their philosophy, so they came up with this strategy of saying, okay, we will suspend it. in the meantime, we really want the senate to pass a budget for 2014, and the law also says that if either chamber fails to adopt the budget by april 15th, their paychecks will be docked. so the whole idea of this thing is to a p
. >> what if lawmakers decide it was best to delay having to debate raising the debt ceiling? >> well, a decision by house republican leaders at their retreat about two weeks ago. they tried in 2011 to use the debt limit as a leverage point of force obama to swallow big spending cuts. it worked, but it was terribly damaging, but the the nation's economy and to their political capital. congressional plummeted to something like 9 percent. and they recognize that this was a bad idea....
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Jan 31, 2013
01/13
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CNBC
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the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are getting up there. >> up there? >> close to his age. >> i have to put it out the night before. >> i lay my clothes out the night before, too. >> do you,
the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them....